Does EVA Beat ROA and ROE in Explaining the Stock Returns in Indian Scenario? An Evidence Using Mixed Effects Panel Data Regression Model

Ashita Agrawal, Pitabas Mohanty and Navindra Kumar Totala

Management and Labour Studies, 2019, vol. 44, issue 2, 103-134

Abstract: We study a panel data of 1,700 Indian firms listed in either National Stock Exchange (NSE) or Bombay Stock Exchange (BSE) for the period 2001 to 2016 to see if economic value added (EVA) explains the annual stock returns of these Indian firms better than return on assets (ROA) and return on equity (ROE). Using mixed effect model, we find that EVA does explain the annual stock returns of these Indian firms better than ROA and ROE.

Keywords: Economic value added; return on assets; return on equity; mixed effects model; panel data regression (search for similar items in EconPapers)
Date: 2019
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

Downloads: (external link)
https://journals.sagepub.com/doi/10.1177/0258042X19832397 (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:sae:manlab:v:44:y:2019:i:2:p:103-134

DOI: 10.1177/0258042X19832397

Access Statistics for this article

More articles in Management and Labour Studies from XLRI Jamshedpur, School of Business Management & Human Resources
Bibliographic data for series maintained by SAGE Publications ().